by Market Overview:
The U.S. corporate wellness market comprises of various workplace wellness programs and services offered by employers to their employees. These programs are aimed at improving the physical, spiritual, emotional and overall wellbeing of employees. They include biometric screening, fitness assessment, health risk assessment, weight management programs, smoking cessation programs, nutrition education among others. These programs help boost productivity, reduce absenteeism and promote a healthy workforce for organizations.
The U.S. Corporate Wellness Market is estimated to be valued at US$ 13.43 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing healthcare costs : Rising healthcare costs in the US have compelled employers to invest more in corporate wellness programs that focus on prevention and management of chronic diseases. This is one of the key drivers for market growth.
Awareness about employee wellbeing: Organizations have increasingly recognized the importance of employee wellbeing and job satisfaction on overall productivity and performance. There is growing awareness that healthy and happy employees are more engaged and committed. This is augmenting the demand for comprehensive wellness solutions in the market.
Segment Analysis
The U.S. corporate wellness market is primarily segmented into health risk assessment, fitness, smoking cessation, health screening, weight management, nutrition and dietary plan, stress management, and others. Among these, the health screening segment dominates the market owing to increased focus of organizations on preventive healthcare and early detection. This allows employers to identify risk factors for chronic diseases in individuals and recommend intervention programs accordingly.
PEST Analysis
Political: The Affordable Care Act (ACA) has positively impacted the corporate wellness market by enabling employers to offer monetary incentives to employees for participating and completing wellness programs.
Economic: The rising healthcare costs have prompted employers to invest in corporate wellness programs to reduce absenteeism and enhance productivity. This reduces healthcare spending in the long run.
Social: Changing lifestyle patterns and increased stress levels have raised awareness about health and wellness among employees. This has boosted participation in corporate wellness initiatives.
Technological: Digital technologies like mobile apps, wearables and telemedicine are being incorporated in corporate wellness solutions. This allows remote monitoring of vitals, physical activity and diet tracking.
Key Takeaways
The U.S. corporate wellness market is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period of 2023 to 2030, due to increasing healthcare costs and growing chronic disease burden.
Regionally, the western region dominates the U.S. corporate wellness market currently. However, the southern region is anticipated to witness the fastest growth over the forecast period supported by rapid industrialization and employment opportunities in states like Texas and Florida.
Key players operating in the U.S. corporate wellness market include Ayco, Aquila, BSDI, Aduro, Active Wellness, Virgin Pulse, Compsych, Provant Health Solutions, American Specialty Health, Wellness Corporate Solutions, and Bank of America Merrill Lynch, among others. These players are focusing on technology integration and launching customized wellness solutions for large, medium and small enterprises across industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
